Analyst Gary Schilling compared crypto-currencies with a fraud of the 18th century

Gary Schilling

Financial analyst Gary Shilling (Gary Shilling), who predicted a number of crises since the late 1960s, says he is not ready to invest in crypto-currencies.

(Cryptocurrency) works on the principle of “black box”, and I do not believe in “black boxes”.

In an interview with Business Insider, Schilling told a story about a conversation with a friend, a venture capitalist who entered the cryptocurrency topic early and made a lot of money on it. He explained to Schilling that crypto-currencies are a controlled transaction, and tokens are issued by a large group of people. When asked who is behind this, he could only reply that “no one, or rather, we think that we know who it is.”
The analyst says that he already met such stories. For example, the collapse of the financial pyramid  ” Company of the  Southern  Seas ” in the 18th century in England. Referring to the classic book by Charles MacKay (Charles MacKay), he recalls, as the founder of the project praised him, without revealing details, he attracted huge investments in London and then packed up and on the same evening left the country to never have to return.
“I’m very suspicious of things that are not transparent. If I do not understand something, I do not want to invest in it my own money, “Shilling summed up.

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